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Companies: Gattaca plc
Liberum
16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for
Companies: IP BILN SAR GATC ASTO PHE SHOE CCS IP CUSN
Hybridan
The results for the six-months to January are robust against a backdrop of declining confidence in both clients and candidates generally. With an improvement in the contract book during early Q3 we think this highlights that the tide is starting to turn and likely to feed through to demand for permanent hires ahead of the CY24 end. With net cash accounting for over 70% of the current market capitalisation, the operating business appears undervalued. H1 results were broadly in line with expectat
Equity Development
We are encouraged by several aspects of the pre-close trading update covering H1, not least the outcome and movement in net cash. A renewed focus on the cost base should result in improving conversion rates, offsetting any further shortfall in fee income during H2. We also remain confident that a recovery in Gattaca’s markets should emerge during Q4 ‘24/early FY25 supporting a further re-rating of its shares. The yoy shortfall in NFI of 16% during H1 includes a large RPO contract which ended i
The implementation of the ‘four pillars’ of Gattaca’s new strategy resulted in adj. EBIT rising significantly, as did conversion rates too (up to 5.4% vs 0.2%). Impressively, this was achieved despite the Group’s markets turning more challenging during H2. NFI fell by 8.5% yoy, down by 1.8% in FY23, with a targeted exiting of lower margin contracts a factor. Progress has been driven by self-help: on cost control, marketing, an improved culture, exiting low margin contracts and improved producti
Two of the most important qualities of any corporate are resilience & adaptability. Being able to rapidly respond to tougher macro-economic conditions in real time without damaging long term objectives: and Gattaca, a specialist STEM recruiter, fits the bill. Yesterday it reported encouraging progress, despite experiencing a -1.2% (H1 +5.2% vs H2 -7.4%) fall in FY’23 NFI to £43.6m (£44.1m LY) due to the industry’s well publicised slowdown & the conscious unwind from low margin business. Adjus
Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhanced insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footpr
Companies: TUN EDEN SAR GATC TERN REE PFP PPCGF
Gattaca today reported in line H1’23 results (6M ending Jan’23). Underlying NFI climbed +5.2% to £22.7m (£21.6m LY) thanks to two new client wins and strategic price initiatives (+9% contract & 6% perm). On top, there were standout performances (see note) from defence (+32%), energy (20%) and infrastructure (7%) - partly offset by the shedding of low margin business (2 large accounts) and a not surprisingly less buoyant TMT backdrop (-43.5%, tough YoY comps). We believe the group remains on t
Research Tree provides access to ongoing research coverage, media content and regulatory news on Gattaca plc. We currently have 0 research reports from 7 professional analysts.
Companies: James Cropper plc
Shore Capital
Invinity is wasting no time in implementing the capex-light manufacturing strategy set out during the recent £57m fund raise. The leasing of an additional facility in Scotland will quadruple UK manufacturing capacity to over 500MWh allowing the company to respond to growing demand.
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
Norcros’s FY24 results highlight its resilience in the face of tough markets, but we continue to believe that the outlook is improving in both of its core markets, the UK and South Africa. Despite the improving outlook we have maintained our revenue and profit forecasts and 251p/share valuation post the results, with the company trading on an undemanding P/E rating of 6.6x. However, it is worth highlighting the scale of the opportunity on offer to Norcros, which was illustrated at the recent cap
Companies: Norcros plc
Edison
Ultimate Products management used the analysts’ trip to the Exclusively Housewares Trade Show at the London Design Centre earlier this week to showcase the planned Beldray brand refresh. Beldray is the second brand to Salter, which has been the focus of attention since acquisition. The Beldray rebrand aims to (1) increase sales and awareness, (2) make the packaging consistent across products, (3) exploit the gaps in the competition and (4) increase marketing opportunities. The trade roll-out sta
Companies: Ultimate Products PLC
Cavendish
Ultimate Products hosted a Capital Markets presentation at the Exclusively Housewares Exhibition in London on Tuesday this week, where the company showcased its re-brand for Beldray®, having engaged in a similar process for Salter at the same event in 2023. Regarding trading, despite some sales and profit disruption so far in FY2024, we continue to expect above trend organic growth in FY2025. We retain our 200p fair value for the shares. UP’s Brand Director Tracy Carroll presented key features
The significant fund raising announced on 1 May has now completed, raising a total of £57.38m which will see the company to net cash generation and support the scale up of the business ahead of the launch of the next-generation Mistral flow battery. With this new offering in the market and a stronger balance sheet, we see the company unlocking sales and bigger deals as power markets globally address the need for flexibility to balance growing deployment of intermittent renewables.
Norcros has reported a strong set of results for FY24 showing Group operating margin ahead of Zeus forecast at 11.0% (Zeus: 10.5%) despite revenue down 6.0% to £392.1m on a L4L constant current basis, broadly in line with Zeus’ forecast of £395.5m.
Zeus Capital
Companies: Severfield Plc
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
In an Update for the year to 30 April 2024 Cohort reports overall performance slightly ahead of market expectations. We note that the Group reports very strong order intake of c.£387m (compared to £218m in FY23) resulting in a closing order book which stood at c.£518m (FY23: £329.1m), inclusive of the March SEA Royal Navy £135m Ancilia contract. The group notes strong H2 performance, with overall growth in the Sensors & Effectors division, notably Chess and SEA, outpacing the Communications & I
Companies: Cohort plc
SAE has announced submission for consents for a 207MW BESS project near its MeyGen tidal site in northern Scotland, alongside the securing of 287MW of import/export grid capacity. This represents important progress in the company’s BESS business, alongside providing helpful project diversification.
Companies: SIMEC Atlantis Energy Ltd.
Oxford Metrics’ interim results for the six months ended 31 March 2024, released today, show healthy growth and good execution. H1 FY24 revenue of £23.5m is 10.5% ahead of last year. Anticipated increases in operating costs have led to a 9.4% reduction in the adjusted PBT versus prior year. But with >90% visibility on full-year revenues, OM is well set to meet expectations for FY24. We maintain our forecasts. Recently acquired Industrial Vision Systems (IVS) is performing in line with expectatio
Companies: Oxford Metrics PLC
Progressive Equity Research
Image Scan is a specialist in the field of X-ray imaging for the security and industrial inspection markets and has today announced a repeat order, of approximately £350k, from a customer to supply significant quantity of ThreatScan®-LSC Systems to a military customer for use by their Explosive Ordinance Disposal (“EOD”) units currently engaged on active service.
Companies: Image Scan Holdings plc
WHIreland
Companies: Judges Scientific plc
The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme
Companies: Renold plc
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